Network Equipment cuts Q4 rev forecast to $23M-$24M

ChelseaBellows

SAN FRANCISCO (MarketWatch) -- Network Equipment Technologies Inc.
nwk
Tuesday after the closing bell cut its fourth-quarter revenue forecast to $23 million to $24 million from its previous estimate of $28 million to $32 million. The Fremont, Calif.-based firm forecast a quarterly loss of 15 cents to 20 cents a share. The company also said that its board approved the repurchase of up to about $10 million of its common stock.

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